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Retail, Homebuilders Shine as Stocks Rally Premarket
20 May
Summary
- Target raised its full-year sales outlook after beating Q1 estimates.
- Cava increased its full-year adjusted EBITDA guidance significantly.
- Red Robin surged over 9% on better-than-expected Q1 earnings.
In premarket trading, significant stock movements were observed across various sectors. Retailer Target climbed nearly 2% after reporting first-quarter results that surpassed analyst expectations and subsequently hiking its full-year sales outlook.
Homebuilder Toll Brothers saw a 3% increase after exceeding fiscal second-quarter earnings and revenue forecasts. Mediterranean fast-casual chain Cava popped almost 7% as it raised its full-year adjusted EBITDA guidance, reporting strong first-quarter earnings and revenue that beat market predictions.
Red Robin Gourmet Burgers surged over 9% following a first-quarter report that showed adjusted earnings and revenue higher than anticipated. Additionally, semiconductor stocks experienced a rebound, with the iShares Semiconductor ETF up more than 2%, and individual companies like Marvell Technology and Intel posting gains.
Conversely, Lowe's shares slipped nearly 2% despite slightly beating first-quarter earnings and revenue estimates, citing a challenging macro housing market. Cybersecurity stocks, after recent rallies, saw a downturn with ZScaler, Palo Alto Networks, and CrowdStrike trading lower.
